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Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Recurring and Nonrecurring Measured at Fair Value

The following table presents certain of our assets that are measured at fair value at September 30, 2025 and December 31, 2024, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.

						As of September 30, 2025						As of December 31, 2024
Description						Carrying Value												Carrying Value
Recurring Fair Value Measurements Assets:
Investment in unconsolidated joint venture (Level 3) (1)						$	67,060											$	81,949
Investment in unconsolidated joint venture (Level 3) (2)						$	45,709											$	44,910
Interest rate cap (Level 2) (3)						$	1											$	—
Non-Recurring Fair Value Measurements Assets:
Real estate properties held for sale (Level 2) (4)						$	129,922											$	—

(1)The 10% equity interest we own in the Seaport JV is included in investments in unconsolidated joint ventures in our condensed consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The significant unobservable inputs used in the fair value analysis are a discount rate of 7.00%, an exit capitalization rate of 6.00%, a holding period of 10 years and market rents. The assumptions made in the fair value analysis are based on the location, type and nature of the property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture.

(2)The 20% equity interest we own in the LSMD JV is included in investments in unconsolidated joint ventures in our condensed consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The significant unobservable inputs used in the fair value analysis are discount rates of between 6.25% and 8.75%, exit capitalization rates of between 5.25% and 8.00%, holding periods of 10 years and market rents. The assumptions we made in the fair value analysis are based on the location, type and nature of each property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture.

(3)The fair value of our interest rate cap derivative is based on prevailing market prices in secondary markets for similar derivative contracts as of the measurement date.

(4)We have assets in our condensed consolidated balance sheets that are measured at fair value on a non-recurring basis. During the three months ended September 30, 2025, we recorded impairment charges of $57,331 to reduce the carrying value of 12 medical office properties classified as held for sale to their estimated sales price, less estimated costs to sell, of $82,288 under agreements to sell that we have entered into with third parties. During the three months ended September 30, 2025, we also recorded impairment

charges of $35,912 to reduce the carrying value of 24 senior living communities classified as held for sale to their estimated sales price, less estimated costs to sell, of $47,634 under agreements or letters of intent to sell that we have entered into with third parties. See Note 3 for further information about impairment charges and the properties we have classified as held for sale.

Schedule of Carrying Value and Fair Value of the Financial Instruments

The fair values of these financial instruments approximated their carrying values in our condensed consolidated financial statements as of such dates, except as follows:

						As of September 30, 2025												As of December 31, 2024
Description						Carrying Value (1)						Estimated Fair Value						Carrying Value (1)						Estimated Fair Value
Senior unsecured notes, 9.750% coupon rate, due 2025						$	—					$	—					$	379,392					$	379,970
Senior secured notes, zero coupon rate, due 2026						322,734						330,692						826,974						885,108
Senior unsecured notes, 4.750% coupon rate, due 2028						496,972						476,700						496,018						429,170
Senior secured notes, 7.250% coupon rate, due 2030						364,753						381,113						—						—
Senior unsecured notes, 4.375% coupon rate, due 2031						495,346						441,700						494,702						368,240
Senior unsecured notes, 5.625% coupon rate, due 2042						343,588						233,800						343,302						218,260
Senior unsecured notes, 6.250% coupon rate, due 2046						244,121						176,200						243,905						157,700
Secured debt and finance leases						455,851						451,916						126,611						126,001
						$	2,723,365					$	2,492,121					$	2,910,904					$	2,564,449

(1)Includes unamortized net discounts, premiums and debt issuance costs, if any.

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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